| Company: | Meta Financial Group, Inc |
| Ticker Symbol: | CASH |
| Class Period: | May-14-09 to Oct-12-10 |
| Date Filed: | Oct-25-10 |
| Lead Plaintiff Deadline: | Dec-24-10 |
| Court: | Northern District of Iowa |
| Allegations: | |
The Complaint alleges that Meta and certain of its senior officers made materially false and misleading statements related to the Company's business and operations in violation of the Securities Exchange Act of 1934. In particular, the Complaint alleges that on October 12, 2010, Meta filed a report with the Securities Exchange Commission (the "SEC") announcing that the Office of Thrift Supervision ("OTS") had advised the Company -- as early as October 6, 2010 -- that OTS had determined that Meta had engaged in "unfair or deceptive acts or practices in violation of Section 5 of the Federal Trade Commission Act and the OTS Advertising Regulation in connection with the Bank's operation of the iAdvance program."
The Company's report further disclosed that it anticipated that the discontinuance of the iAdvance program and the potential discontinuance of tax-related programs would "eliminate a substantial portion of [the Company's] gross profit." Finally, the Company stated that the discontinuance of the iAdvance program may result in elevated rates of nonpayment on outstanding iAdvance loans. Following the publication of this report, Meta shares fell over from an October 12, 2010 close of $33.23 per share to close on October 13, 2010 at $22.25 per share -- losing approximately one third of their value overnight. Meta shares have continued to fall and currently trade around $14 per share.
If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.
